The New Zealand dollar had a bumpy night against the greenback and yen but by the end of the overnight session was little changed from its position at the start.The kiwi was buying US70.54c at 8am from US70.72c at 5pm, and was at 63.78 yen.BNZ strategist
The New Zealand dollar had a bumpy night against the greenback and yen but by the end of the overnight session was little changed from its position at the start.
The kiwi was buying US70.54c at 8am from US70.72c at 5pm, and was at 63.78 yen.
BNZ strategist Mike Jones said the NZ dollar had see-sawed wildly inside a range of US70.30c to US70.80c during the night.
Swings in risk appetite and in the euro against the greenback kept most currencies volatile as markets tried to figure out what, if any, support would be offered to Greece from a European Union summit this week, Mr Jones said.
The message from European policy makers had been far from clear.
Another overnight factor was US home sales data for February, which exceeded expectations, assuaging some investor concern about the global outlook, Mr Jones said.
"The global backdrop is a bit of a mixed bag at the moment and is not providing a lot in the way of direction for currency markets."
But New Zealand data this week was expected to confirm a relatively solid economic picture for this country, and he expected the NZ dollar would find solid support on dips towards US70c.
The data includes December quarter balance of payments today and gross domestic product tomorrow, along with February trade and visitor figures on Friday.
The NZ dollar edged up to 0.5229 euro at 8am from 0.5216 at 5pm, while slipping to A76.90c from A77.10c. The trade weighted index was 65.34 at 8am from 65.38 at 5pm.
